Bill Type
Congress Name
Full Title of Bill
AN ACT AMENDING SECTION 8 OF REPUBLIC ACT 6426, OTHERWISE KNOWN AS THE "FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES"
Text as filed (link)
Date filed
June 30, 2022
Date Read
July 27, 2022
Bill Status
Pending with the Committee on BANKS AND FINANCIAL INTERMEDIARIES since 2022-07-27
Committee Details
Primary Committee
Legislative History
| House Bill/Resolution NO. HB00573 |
| FULL TITLE : AN ACT AMENDING SECTION 8 OF REPUBLIC ACT 6426, OTHERWISE KNOWN AS THE “FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES†|
| ABSTRACT : States that "All foreign currency deposits under Sec.8 of R.A. 6426, as amended by P.D. No.1035 and those authorized under P.D. No. 1034, are declared as and considered of an absolutely confidential nature. IN NO INSTANCE SHALL FOREIGN CURRENCY DEPOSITS BE EXAMINED, INQUIRED OR LOOKED INTO . . . EXCEPT UPON THE WRITTEN PERMISSION OF THE DEPOSITOR, OR IN CASES OF IMPEACHMENT, OR UPON ORDER OF A COMPETENT COURT IN CASES OF BRIBERY OR DERELICTION OF DUTY OF PUBLIC OFFICIALS, OR IN CASES WHERE THE MONEY DEPOSITED OR INVESTED IS THE SUBJECT MATTER OF THE LITIGATION". |
| PRINCIPAL AUTHOR/S : CASTRO, FRANCE L., BROSAS, ARLENE D., MANUEL, RAOUL DANNIEL A. |
| DATE FILED : 2022-06-30 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2022-07-27 |
Abstract
ABSTRACT : States that "All foreign currency deposits under Sec.8 of R.A. 6426, as amended by P.D. No.1035 and those authorized under P.D. No. 1034, are declared as and considered of an absolutely confidential nature. IN NO INSTANCE SHALL FOREIGN CURRENCY DEPOSITS BE EXAMINED, INQUIRED OR LOOKED INTO . . . EXCEPT UPON THE WRITTEN PERMISSION OF THE DEPOSITOR, OR IN CASES OF IMPEACHMENT, OR UPON ORDER OF A COMPETENT COURT IN CASES OF BRIBERY OR DERELICTION OF DUTY OF PUBLIC OFFICIALS, OR IN CASES WHERE THE MONEY DEPOSITED OR INVESTED IS THE SUBJECT MATTER OF THE LITIGATION".
Significance